accounting News

Beazley Joins EbixExchange Accounting Platform

Ebix Europe, the electronic messaging communications specialists for the global re/insurance market, announced that insurer Beazley is the latest carrier to join its EbixExchange accounting platform. Using ACORD standards, the platform adds transparency and accelerates the accounting and settlement process, …

CAMICO Launches Subpoena Services Resource Center for Policyholders

CAMICO, a CPA-focused program of specialty liability insurance for the accounting profession, has launched a Subpoena Services Resource Center to enhance its subpoena services for CAMICO policyholder CPA firms. The Subpoena Services Resource Center will provide information, resources and template …

Swiss Re Sigma Study Analyzes Changes to Insurance Accounting Practices

Swiss Re announced that its latest sigma study “takes a fresh look at the progress in the long-running debate to make insurance accounting practices more economically relevant and internationally comparable.” The study – “Insurance accounting reform: a glass half empty …

A Decade Later: Is Sarbanes-Oxley Working? – Analysis

When Peregrine Financial collapsed earlier this month, a nagging question resurfaced. As in the implosion of Lehman Brothers, the fall of Bernard Madoff and other cases in recent years, many asked: Where were the accountants? That this question still arises …

General Ledger Accounting for P/C Agencies

In current practice insurance premium accounting is based on general ledger (GL) accounting. It is used by all agency management software applications: AMS, Applied Systems, etc., just to name a few. Developed more than 500 years ago, GL accounting has …

Panel Urges Legal Action in Damning Report on Japan’s Olympus

An independent panel urged legal action against executives who covered up a $1.7 billion accounting scandal at Japan’s Olympus Corp, and said others who knew about it should be replaced. But its findings failed to satisfy the ex-CEO who blew …

Aon, ACE Integrate London Exchange for Accounting and Settlement

Aon Risk Solutions, the risk management business of Aon Corp., and ACE have both announced the “successful implementation of Rüschlikon accounting and settlement standards via The Exchange.” The announcement described the move as taking “the London market’s e-capabilities a large …

Accounting Board May Change its ‘Fair Value’ Rule

A global accounting rule rushed through after pressure from politicians during the financial crisis may have to be tweaked, sparking disruption for investors and companies. The International Accounting Standards Board (IASB) had long planned a revamp of its “fair value” …

Accounting Issues Could Stall France’s Greek Debt Plan

Accounting issues remain a formidable obstacle facing private sector investors currently considering the French banking sector’s plan for restructuring Greek government debt. The plan’s focus was initially on how to avoid triggering credit default swaps written on Greece, and preventing …